Portobello Capital, an independent investment firm & leading independent mid-market private equity manager, is beginning the sale of Eysa, its mobility business. Eysa is a pioneer in managing managed on-street parking contracts offering services and technology solutions to improve sustainable urban mobility.
The Spanish management company has hired Stifel, an American investment bank specializing in advising on this type of transaction. Eysa is the company in charge of managing regulated parking on the surface in large Spanish cities, but it also owns sustainable mobility applications. For example, until just over a year ago it controlled 51% of Emov, the car-sharing company was created with the PSA Group (which bought its stake).
The process, as financial sources have explained to the Economist, is designed for the sale of 100%, not only will Portobello (owner of 51%) disinvest, but also its partners will leave the company’s shareholding: the Dutch fund PGGM, the Swiss Capital Dynamics and the French insurance company CNP. For the moment, the transaction is in an initial phase, although the first documents with information on the company, valued at between $379 and $433 million (€350 and €400 million), have already begun to circulate in the market, according to the same sources.
Whether you need to monitor your stock portfolio or just want to discover breaking financial news, the Born2Invest app provides the latest news and analysis you need. Discover the business headlines as well as the financial news section.
Profound transformation as a division of FCC’s activities
Eysa has undergone a profound transformation since its birth in the seventies as a division of FCC’s activities. In the midst of the economic crisis and as a result of its heavy debt, the Spanish construction company sold this firm to N+1 (the germ of the renowned Alantra) in 2011, which paid out $65 million (€60 million). N+1 reinforced its concession activities on both surfaces and rotating car parks, beginning to complement them with other services such as tax management and traffic monitoring in cities.
However, it was in 2015 when Eysa started its most radical transformation after the entry of Portobello and its partners. At that time, it obtained the necessary financial lung to boost its international growth (its focus is now on the U.S. and Latin America), but also to achieve the definitive diversification of its businesses. In this last point, the digital transformation played a relevant role, since all its new strategy revolved around it.
Portobello has become one of the most active managers on the Spanish scene
In this sense, despite the fact that around 65% of its income corresponds to the business of regulated surface parking, the rest of the company’s income comes from other tools such as elParking (a digital platform for finding and paying for parking in large cities), Parkingdoor (access control and collaborative parking), P3GM (shared bicycle) and Taksee (taxi service for large companies). With regard to the business of regulated parking on the surface, Eysa manages relevant contracts in cities such as Madrid, San Sebastian, Bilbao, Gijon, Murcia, Oviedo, and Burgos, among others.
The sale of Eysa shows how Portobello has become one of the most active managers in the Spanish scene. Since January 2019, it has closed four divestments, two investments and is raising resources for its minority fund (structured partnerships), which has already received approval from the CNMV.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in elEconomista.es, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Med’Innovant Africa, the event that aims to identify innovative startups in Africa
Since July 1st, the second edition of the Med'Innovant Africa competition, initiated by Euroméditerranée, has been looking for the most...
Aipb starts the “ESG Certification” training course
The Italian Private Banking Association (Aipb) announced that it will organize a new course for ESG Certification dedicated to private...
Japan’s blockchain sector grew by 30.7% over the year
The integration of the cryptocurrency sphere into the classic financial world of Japan is evidenced by the fact that 31...
Crowdfunding helped Cervecería de Colima to weather the coronavirus crisis
Between February 12th and 27th, Cervecería de Colima raised $448,620 (10 million pesos) through the equity crowdfunding platform Propeler. With...
Precious Metals Investing: Small-cap gold producer Inca One Gold launches the first comprehensive database of Artisanal Gold Mining operations in Peru: XplorTracker
Knowledge is power and in business good data makes all the difference. Inca One Gold Corp. (TSXV: IO.V, OTC: INCAF,...
Business5 days ago
How to invest in a bear market: Why small-cap gold producers like Inca One belong in your precious metals investment portfolio
Business6 days ago
Mobile gaming investments? Consider Leaf Mobile (TSXV: LEAF), Activision Blizzard (NASDAQ: ATVI), and Tencent Holdings (OTC: TCEHY)
Crypto6 days ago
The interest in Bitcoin futures increased
Featured6 days ago
Solarisbank receives €60 million and has its eyes set on Wirecard Bank